Investor-backed Valeo Foods Group has struck its second deal in six weeks, the acquisition of central European snacking business IDC Holding.
Dublin-based Valeo, owned by investment group Bain Capital, and the owner of brands including Rowse honey, Kettle crisps and Jacob’s biscuits, said the purchase represents a “pivotal step” in its ambition to become a “truly international enterprise”.
Financial terms have not been disclosed.
Established in Slovakia more than a century ago, IDC produces a range of branded wafer, biscuits, sugar confectionery and seasonal chocolate.
It manufactures some of the most recognisable sweet snack brands across Slovakia, the Czech Republic, Poland and Hungary, including Horalky, Mila and Lina.
IDC, which employs approximately 1,150 people across three production sites, generates net sales of nearly €200m ($221.8m). It has subsidiaries in the Czech Republic, Hungary and Poland.
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By GlobalData
The deal follows swiftly after Valeo’s purchase of Canada-based maple syrup manufacturer Appalaches Nature.
In a statement announcing its latest deal, the company said IDC’s product portfolio is a “strong fit” for its own business, which includes CandyPlus in the Czech Republic, Balconi in Italy and Schluckwerder in Germany.
“Together, they will offer customers a broad and compelling portfolio of sweet snacking products backed by high-quality manufacturing and distribution capabilities.”
Ronald Kers, Valeo’s CEO, added: “This is a transformative acquisition for Valeo Foods Group. The inclusion of IDC Holding within Valeo Foods Group will enhance our industry position, drive further growth in our portfolio and international footprint and allow us to meet growing consumer demand in this segment. We are delighted that the team at IDC Holding share our confidence and ambition to be the major sweet treats player in Europe.”
Pavol Jakubec, owner of IDC Holding, said: “After 32 years of developing IDC Holding from a local, traditional confectionery business into a major regional player in the category, operating from best-in-class manufacturing facilities, it is the right time for a new chapter in the development of this company.
“I am very excited to transition the business to Valeo Foods Group, which has a great track record of acquiring and successfully growing businesses in this space and is the best partner to work with our employees and business partners to support IDC. Holding in further growth and expansion.”
Valeo Foods Group now has more than 80 brands in its portfolio and has revenues in excess of €1.5bn.
